Group Life Insurance is a popular insurance option among companies because it provides a benefit that your employees likely don’t have at a cost that is often much lower than anticipated. Your employees are grateful that you even provide such an option, which in turn builds a loyal and more dedicated workforce.
We wanted to write this up to give employers an idea of what to consider when looking for a group life insurance policy.
First, take your time and identify an insurer that offers the best policy options. Insurers are all different here in the UAE and you’ll likely have to shop around to identify the most favorable plan. Underwriting policies will vary based on the risk they perceive in your workforce.
Second, consider your coverage options. Insurers will often use a multiple of an employee’s salary. This can be as low as 2x and as high as 12x an employee’s base pay.
Third, you can elect to have higher life insurance plans for senior employees. As your insurer about managing different payouts based on seniority.
Fourth, try to keep your plans at the same rate as your competition. Having the best life insurance plan isn’t going to attract the best talent. Not having it however may make them think twice. Your best bet is to find out how much your competition is paying out in life insurance, and match their plan.
To request an indicative quotation on Group Life Insurance products or for more information please complete the form below and a Qualified Regulated Expert will contact you.